The earnings call presents a mix of positive developments such as strong vehicle deliveries, successful product launches, and significant AI investments, offset by challenges like revenue decline year-over-year, sales system adjustments impacting performance, and negative free cash flow. The sentiment is balanced, reflecting both achievements and areas of concern.

Company Guidance

During the second quarter of 2025, Li Auto provided robust guidance, highlighting a delivery of over 110,000 vehicles, propelling total revenues to RMB 30.2 billion. The company secured a 13.4% market share in the RMB 200,000 and above NEV market in China, marking another quarter of leading segment sales among Chinese auto brands. The Li MEGA Home, launched in April, exceeded expectations with approximately 3,000 units sold monthly, becoming the top-selling MPV priced above RMB 500,000 since May 2025. Despite sales fluctuations with the Li L series, the company maintained a top 3 position in its market segment. Li Auto has ambitious plans for its newly launched Li i8, with expected cumulative deliveries to exceed 8,000 units by the end of September. Li Auto continues to expand its robust charging network, comprising more than 3,100 stations with over 17,000 stalls, aiming to reach 4,000 stations by year-end. The company plans to launch the Li i6 by the end of September and is committed to ongoing R&D investments, estimating AI investments to exceed RMB 6 billion for the year. For the third quarter, Li Auto anticipates delivering between 90,000 and 95,000 vehicles, with expected revenues between RMB 24.8 billion and RMB 26.2 billion.

Strong Vehicle Deliveries and Revenue

Li Auto delivered over 110,000 vehicles in Q2 2025, generating total revenues of RMB 30.2 billion, capturing a 13.4% market share in the RMB 200,000 and above NEV market in China.

Li MEGA and Li i8 Success

Li MEGA became the best-selling MPV priced above RMB 500,000, and Li i8 received positive feedback with a test drive satisfaction rate of over 97%. Cumulative deliveries of Li i8 are expected to exceed 8,000 units by the end of September.

Expansion of Charging Network

Li Auto operates more than 3,100 charging stations with over 17,000 charging stalls, aiming to reach 4,000 stations by the end of the year, supporting ultra-fast charging capability.

AI and R&D Investments

Li Auto expects AI investments to exceed RMB 6 billion, focusing on infrastructure, product, and technology development, with the rollout of proprietary VLA large model driver and Li Xiang Tong Xue Agent.

Financial Performance Improvement

Net income in the second quarter was RMB 1.1 billion, up 69.6% quarter-over-quarter, with operating income at RMB 827 million, up 76.7% year-over-year.

Li Auto (LI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 14, 2025	2025 (Q3)	0.26 / -	0.507	―	―	―
Aug 28, 2025	2025 (Q2)	0.23 / 0.19	0.361	-46.90% (-0.17)	―
May 29, 2025	2025 (Q1)	0.19 / 0.34	0.169	100.00% (+0.17)	―
Mar 14, 2025	2024 (Q4)	0.40 / 0.53	0.59	-10.19% (-0.06)	―
Oct 31, 2024	2024 (Q3)	0.38 / 0.51	0.459	10.64% (+0.05)	―
Aug 28, 2024	2024 (Q2)	0.19 / 0.36	0.362	-0.31% (>-0.01)	―
May 20, 2024	2024 (Q1)	0.25 / 0.17	0.188	-9.97% (-0.02)	―
Feb 26, 2024	2023 (Q4)	0.44 / 0.59	0.069	754.25% (+0.52)	―
Nov 09, 2023	2023 (Q3)	0.38 / 0.46	-0.088	620.79% (+0.55)	―
Aug 08, 2023	2023 (Q2)	0.25 / 0.36	-0.024	1622.35% (+0.39)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 29, 2025	$27.90	$28.49	+2.11%
Mar 14, 2025	$28.72	$27.46	-4.39%
Oct 31, 2024	$28.94	$25.01	-13.58%
Aug 28, 2024	$21.22	$17.80	-16.12%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.